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Spotify Reports Fourth Quarter 2023 Earnings

06/02/2024

Today, we announced our fourth quarter 2023 performance. The business delivered strong results in Q4, as all of our KPIs met or exceeded guidance. With revenue and profitability trends both inflecting favorably heading into 2024, we view the business as well positioned to deliver improving growth and profitability.

Monthly Active Users grew 23% Y/Y to 602 million and 1 million ahead of guidance. Net additions of 28 million represented the second largest Q4 net addition performance in our history.

Subscribers grew 15% Y/Y to 236 million. Net additions were 1 million ahead of guidance. Q4 net additions of 10 million contributed to a record full year of net additions of 31 million.

Total Revenue grew 16% Y/Y to 3.7 billion.

Gross Margin finished at 26.7%.

Operating Loss was ( 75) million for the quarter, which was better than our updated guidance. Excluding one time charges, we generated 68 million in adjusted Operating Profit, which is more than double the third quarter as the business continues momentum towards sustainable growth and profitability.

In addition, we completed our 9th annual Wrapped Campaign, drawing in more than 225 million MAU. Our user engagement grew more than 40% y/y across 170 markets.

We also proudly incorporated more than 200,000 audiobook titles into our premium offering within the United States.

Interested in hearing more? Click here to review the full earnings release and listen to the webcast Q&A on our Investor Relations site here.

Click below to check out a sizzle reel of audio trailers from a few of our recent original and exclusive podcasts and audiobook offerings.

https://storage.googleapis.com/pr-newsroom-wp/1/2024/02/EARNINGS_TRAILER_FEB2024.mp3
LINK: https://newsroom.spotify.com/2024-02-06/spotify-reports-fourth-quarter...
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